Asked by Tiffany Smith on Jul 05, 2024
Verified
A perfectly inelastic supply curve is
A) horizontal.
B) vertical.
C) positively sloped.
D) negatively slopeD.
Perfectly Inelastic Supply
A market scenario where the quantity supplied is completely unresponsive to price changes at all price levels.
Supply Curve
A graph that shows the relationship between the price of a good and the quantity supplied, typically upward sloping reflecting higher prices incentivizing more supply.
- Understand the economic concepts of perfectly elastic and perfectly inelastic demand and supply.
Verified Answer
AM
Anmol MehtaJul 07, 2024
Final Answer :
B
Explanation :
A perfectly inelastic supply curve means that the quantity supplied does not change with a change in price. Therefore, the supply curve is perfectly vertical, or inelastic.
Learning Objectives
- Understand the economic concepts of perfectly elastic and perfectly inelastic demand and supply.
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